Blockchain is a recent buzzword in the field of finance. It has become the talk of the town since its introduction to the technology through the rise of bitcoin. The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
Simply stating, blockchain is a distributed database that records and confirms the ownership and transfer of a digital asset.
The size of the Bitcoin blockchain has been growing ever- since the creation of the Bitcoin virtual currency in 2009, reaching approximately 149 gigabytes in size by December 2017.
Bitcoin, a cryptocurrency built on the blockchain technology, was one of the first currency not owned and controlled by a single entity. Known only by a few nerds and criminals previously, it is now a part of hundreds and thousands of transactions daily.
It’s rising value ( more than US $16,000 per coin, at the end of 2017) has managed to garner a lot of attention.
The blockchain is good for a lot more than just bitcoin. And it is here to revolutionize the financial ecosystem byways of increased transparency, speed, trust and reduced costs.
The global blockchain technology really took off in 2017, and is now forecasted to grow to 2.3 billion U.S. dollars by 2021.
And so, it makes due sense to say that blockchain has promised a new dawn in the era of digitalization.
To learn more about the boom of blockchain in today’s world, take a look at this infographic created by iScribblers on, “The rise of Blockchain”.
Also Read: Opportunities and Challenges for Blockchain Startups Going Into 2018
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About The Author:
Priyanka Desai is the founder of iScribblers, a PR, content marketing, and infographic creating agency.